site.btaHeritage Foundation: Bulgaria Ranks 29th in Economic Freedom. Western Balkans Predominantly Rank Low in Economic Freedom Index

Bulgaria ranks 29th in the annual global index of the US Heritage Foundation, making little progress by 0.6 points, according to the organization's annual report.

This country is in the group of predominantly economically free countries in the ranking, which examines the economic policy and conditions in 184 countries in the period between July 1, 2020 and June 30, 2021.

According to Heritage's latest report, the global economy as a whole remains "moderately free." However, the global average score for economic freedom is now 60 points - 1.6 points lower than before.

The "Big Seven" of free economic nations includes Singapore (first place), followed by Switzerland, Ireland, New Zealand, Luxembourg, Taiwan and Estonia. At the bottom of the list is North Korea.

In the last five years, the report says, Bulgaria has had economic growth of more than 2 per cent a year on average, despite the decline in 2020. Economic freedom is growing in each of these five years. Bulgaria has seen an overall increase in economic freedom of 3.1 points since 2017 and joined the ranks of "mostly free" countries in 2020.

Fiscal health indicators are particularly positive, but more work is needed to strengthen the rule of law, Heritage said.

The study also takes into account the impact of COVID-19 on the country, its policy and economy. As of December 1, 2021, a total of 28,542 deaths have been related to the pandemic in Bulgaria, and the government's response to the crisis ranks 83rd among the countries in the ranking given the severity of the measures. Bulgaria's economy decreased by 3.8 per cent in 2020, according to a study by the Washington-based organization.

In the global index, among the countries with moderate economic freedom are Romania (in 47th place), Hungary (48), Albania (50), North Macedonia (53), Serbia (59), Greece (73); Kosovo (86).

Montenegro ranks 103rd out of 177 countries in the Heritage rankings and is among the "predominantly economically unfree" countries. Turkey is in the same group and ranks 107th.